The Board of Directors present the Thirty Ninth Annual Report of Wardwizard Innovations& Mobility Limited and the Company's Audited Financial Statements for the year ended31st March 2021.
1. FINANCIAL RESULTS
The Standalone financial statement of the Company for the year ended 31stMarch 2021 is summarized below: (Amount in INR)
|PARTICULARS || |
|2020-2021 ||2019-2020 |
|Revenue from Operations ||393192595 ||1041863 |
|Other Income ||453839 ||1010669 |
|Total Income ||393646434 ||2052532 |
|Total Expenses ||368858864 ||11077782 |
|Profit/(Loss) ||24787571 ||-9025250 |
|(-) Exceptional Items ||- ||- |
|Profit/(Loss)Before Tax ||24787571 ||-9025250 |
|Tax ||6067148 ||82088 |
|Net Profit After Tax ||18720423 ||-9107338 |
2. KEY FINANCIAL RATIOS:
|Particulars ||FY 2020-2021 ||FY 2019-2020 |
|Debtors Turnover Ratio ||24.11 Days ||366 Days |
|Inventory Turnover Ratio ||5.37 ||0.05 |
|Current Ratio ||3.23:1 ||16.26:1 |
|Operating Profit Ratio ||6.30% ||(-) 866.26% |
|Net Profit Margin ||4.76% ||(-) 874.14% |
|Return on Net worth ||8.03% ||(-) 7.65% |
|Debt/Equity Ratio ||0.00:1 ||0.00:1 |
3. EFFECTS OF COVID -19 ON THE BUSINESS OF THE COMPANY
As we are aware year 2020 and 2021 have witnessed major effects of COVID 19's spreadon society and the global economy. Many countries witnessed major problems resulting inpartial (in some cases complete) lock-downs thereby hampering production supply andemployment. However our team has taken key steps in mitigating most of these challenges.Teams across functions and countries confronted challenges posed by the pandemic with suchresilience agility and responsiveness that would make you proud. Be it partial orcomplete lockdown the teamwork was precise. Complying with local laws and protocolsproduction planning and execution ensured meeting customers' requirements be it small orbig. Supply Chain Team ensured adequate availability of Resources to facilitateproduction filling packing and logistics. Be it Human Resources Management or CustomerRelationship Management or Creditors' Management or Stakeholders Management new lessonswere learnt and appropriate strategies were adopted. While the pandemic induced businessdownturns and economic slowdown reduced the demand and increased the vulnerability ofsupply chain as well as Forex fluctuations our Teams ensured a decent performance amidstsuch chaos with complete support and understanding with all customers and stakeholders.The goodwill created in such testing times will ensure and facilitate higher growth in thecoming years. During this unprecedented year we continued to prioritize the health andwellbeing of our employees through multiple safety measures. We have ensured continuationof services of all employees allowed them to work from home whenever required kept theirpersonal revenue stream flowing without any interruption and ensured that their morale waskept high. The relationship with our Supply Chain Partners saw a new high which wouldenable us to pursue the growth path that we envision in coming years. The challenge provedto be a blessing in disguise to have found new partners too in this sphere which is anasset. These new partnerships also enabled us to make our supply chain flexiblecountering challenges faced by lack of supplies. Finally during the year under reviewthere was no material change in the nature of business of the Company. Further there wereno significant and material order passed by the regulators courts or tribunals impactingthe going concern status and Company's operations in future. Our stronger than everfinancial position and balance sheet secured stakeholder's interest to invest forsustainable growth and long term value creation of business.
4. RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS
Virtual inauguration ceremony of the new plant was conducted by Shri Amit Shah Hon'bleMinister for Home Affairs Government of India on January 28 2021. The inaugural functionwas also attended by Ranjanben Bhatt Member of Parliament Vadodara and Mr. RajendraTrivedi Speaker Gujarat State Legislative Speaking Assembly.
The New plant has the capacity to manufacture over one lakh electric two wheelers in asingle shift; Plant is equipped to produce 3-4 lakh units per year in full capacity. Wehave Launched 4 new models of super bikes - Beast Thunderbolt Hurricane and Skyline.
Electric two-wheeler segment can grow to Rs. 12000 crore market by 2024-25; with rightmacroeconomic environment the penetration can increase to 16%. In next 3-4 years Companyhas set a revenue target of Rs. 500 - 600 crore.
Starting from exquisite city of Vadodara we are now opening a new experience center inthe nucleus of India - Delhi. We have not only achieved a tremendous reach towards variousgeographical regions of India but also have reached our objective of creating exponentialemployment opportunities.
We believe in constant innovation and therefore we are launching two new robust models.We are also determined towards our "Make in India" objective and therefore thesenew models of Joy e-bike will consist of parts that are entirely made in India.
Furthermore we have envisioned capitalizing 25% of the total market share in E2W by2030. For which we are passionately innovating and we are definite that by 2030 roads ofevery part of India will be splashed green by Joy e-bike's efficient and trendy electrictwo-wheelers.
Currently we are not only focused on India as we are optimistic that our two jewels -Joy e- bike and Vyom Innovations have the potential to shine brightly in internationalmarkets as well. And therefore today along with exploring the new regions ofNorth-Eastern India we are also starting export operations in the Middle East Europeanand African Regions.
The Board of Directors has recommended a dividend of f 0.05/- (Rupee Five paisa only)per equity share of Re. 1/- (One rupee) each fully paid-up of the Company. Dividend issubject to approval of members at the ensuing annual general meeting and shall be subjectto deduction of income tax at source.
The Company recommended / declared dividend as under: (Amount in INR)
| || |
|PARTICULARS ||Dividend Per Share ||Dividend Per Share |
| ||2020-2021 ||2019-2020 |
|Interim dividend ||-- || |
|Final dividend ||0.05/- || |
|Total dividend ||0.05/- || |
Note: Dividend payout includes dividend distribution tax.
? Recommended by the Board of Directors at its meeting held on May 11 2021. Thepayment is subject to the approval of the shareholders at the ensuing Annual GeneralMeeting (AGM) of the Company to be held on August 20 2021. The book closure dates for thepurposes of the AGM and final dividend will be 19/08/2021 to 20/08/2021 and will be paidwithin a period of 30 days from the date of declaration to those Members who have notwaived their right to receive the dividend for the financial year 2020-21.
? Free cash flow is defined as net cash provided by operating activities less capitalexpenditure as per the Standalone Statement of Cash Flows prepared under Ind AS.
? Pursuant to Regulation 43A of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 as amended ("ListingRegulations") the Board has approved and adopted a Dividend Distribution Policy. Thepolicy details various considerations based on which the Board may recommend or declareDividend your Company's dividend track record usage of retained earnings for corporateactions etc. The Dividend Distribution policy marked as Annexure 1 to this Report and thesame is available on the Company's website at www.manvijay.com. Your Company is incompliance with its Dividend Distribution Policy as approved by the Board.
? A Shareholder can waive/forgo the right to receive the dividend to which he/she/theyis/are entitled on some or all the Equity Shares held by him/her/them in the Company ason the Record Date/Book-Closure Date fixed for determining the names of Members entitledfor such dividend. The Dividend Waiver Policy marked as Annexure 2 to this report and thesame is available on the Website of the Company as www.manvijay.com.
6. TRANSFER TO RESERVES
There are no reserves which has been transferred to the Profit & Loss account.
7. CHANGE IN CAPITAL STRUTCURE
During the year under review there has been change in the Share Capital of theCompany. The Company has allotted 11438200 Equity Shares on 13th June 2020& 1430000 Equity Shares on 19th June 2020 at an issue price of Rs.10/-per shares to promoters & strategic investors group not forming part of the promotergroup pursuant to conversion of warrants. Further the Company has allotted 17 50000/-Equity Shares on 22nd August 2020 at an issue price of Rs. 32/- (including premium of Rs.22 per Equity Share) to strategic investors group not forming part of the promoter groupon preferential basis.
The Company has done Sub-division of 1 (One) equity share of face value of Rs. 10/-each into 10 (Ten) equity shares of Rs. 1/- each shareholders' approval was received inits ExtraOrdinary General Meeting held on 1st March 2021 and the record datefor the same was fixed on 18th March 2021 which was approved by the BSElimited.
Consequently the issued and paid-up capital of the Company as on March 2021 was ?219432000/- divided into 21943200 equity shares of Rs. 1 each & all the sharesare listed & tradable as on date.
The Company's Shares was voluntary de-listed from Calcutta Stock exchange under theSEBI (De-listing of Equity Shares) Regulations 2009 with effect from 28thApril 2021 and Company will continue to be listed on BSE Limited ("BSE") whichis having nationwide trading terminals.
8. HOLDING SUBSIDIARIES JOINT VENTURES AND ASSOCIATES COMPANIES AS PER COMPANIES ACT2013
The company has sold/disinvested its entire investment of 4000000 equity shares offace value 10/- each in Property Trading of India Limited (PTOIL) which was a wholly ownedsubsidiary Company of the Wardwizard Innovations & Mobility Limited (Formerly known asManvijay Development Co. Limited) to M/s. Pradman Property Consortium of India LLP on 22ndOctober 2020. PTOIL was under the previous management control. There are no businessactivities in PTOIL & present management does not foresee any further business inPTOIL. The Board keeping in view the hardship incurred as the subsidiary company has notreceived the expected growth it feels that's its prudent to withdraw investment from thewholly owned Subsidiary and considered the disinvestment in the best interest of theCompany. Moreover when Company requires funds for its expansion plan it is in the
interest of the Shareholders that such unproductive assets/investment to bedisposed-off. Hence as on 31st March 2021 there is no Subsidiary Company ofthe Wardwizard Innovations & Mobility Limited (Formerly known as Manvijay DevelopmentCompany Ltd).
During the year under review there are no associates or joint venture companies withinthe meaning of Section 2(6) of the Companies Act 2013. Pursuant to the provisions ofSection 129(3) of the Companies Act 2013 a statement containing salient features offinancial performance of Subsidiaries / Step down Subsidiaries in Form AOC-1 is furnishedin Annexure 3 and attached to this report. The Company has placed a Policy for MaterialSubsidiaries on its website at www.manvijay.com
9. UTILIZATION OF FUNDS RAISED THROUGH PREFERENTIAL ALLOTMENT OR QUALIFIEDINSTITUTIONAL PLACEMENT AS SPECIFIED UNDER REGULATION 32 (7A)
Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Statement of Deviation or Variation was reviewed by the AuditCommittee at their meeting held on 19th January 2021 as below.
? DEVIATION IN THE USE OF PROCEEDS FROM THE OBJECTS STATED IN THE OFFER DOCUMENT OREXPLANATORY STATEMENT TO THE NOTICE FOR THE GENERAL MEETING:
Status - There is no deviation observed in the use of proceeds from the objects statedin the explanatory statement to the notice for the general meeting.
? CATEGORY WISE VARIATION:
Status - The application money was received towards allotment of equity shares raisedthrough preferential issue of f 5.60 Crores as on 31st March 2020.
The Company has fully utilized raised fund of f 5.60 Crores towards Working Capitalrequirements including procurement of raw materials purchases of goods/accessories forfinished goods; General Corporate Purpose as on 31st March 2021. The Company hascompleted the Utilization of the funds raised.
10. ACCEPTANCE OF PUBLIC DEPOSIT
During the year under review your Company has neither accepted nor renewed anydeposits from the public or its employees within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014. The details ofloans and advances which are required to be disclosed in the annual accounts of theCompany are provided as part of the financial statements.
11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as stipulatedunder Regulations 34 (2)(e) of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 ("ListingRegulations") is for the part of this report.
12. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Section 135 of the Companies Act 2013 regarding Corporate Social ResponsibilityCommittee is not applicable to the Company as the Net Profit of the Company is below thethreshold limit prescribed by the Companies Act 2013.
13. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND
The provisions of Sections 124 and 125 of Companies Act 2013 and Investor Educationand Protection Fund (Accounting Audit Transfer and Refund) Rules 2016 (IEPF Rules) donot apply as there was no dividend declared and paid in the last year.
14. COMPLIANCE MANAGEMENT FRAMEWORK
The Compliance function of the Company is responsible for independently ensuring thatoperating and business units comply with regulatory and internal guidelines. TheCompliance Department of the Company is continued to play a pivotal role in ensuringimplementation of compliance functions in accordance with the directives issued byregulators the Company's Board of Directors and the Company's Compliance Policy. TheAudit Committee of the Board reviews the performance of the Compliance Department and thestatus of compliance with regulatory/internal guidelines on a periodic basis. NewInstructions/Guidelines issued by the regulatory authorities were disseminated across theCompany to ensure that the business and functional units operate within the boundaries setby regulators and that compliance risks are suitably monitored and mitigated in course oftheir activities and processes.
15. SEGMENT WISE PERFORMANCE
The Company is into multiple reportable segment.
(Amount in INR)
|Sr.No. Segment ||Segment Revenue ||Segment Results (PBT) |
|1 Segment 1 - Joy E Bike ||241207944 ||15188653 |
|2 Segment 2- Vyom Innovations ||121852288 ||7672932 |
|3 Segment 3- Sale of services ||30132362 ||1897408 |
|4 Unallocated Segment ||453839 ||28578 |
|TOTAL ||393646434 ||24787571 |
16. CORPORATE GOVERNANCE
Your Company is committed to benchmarking itself with global standards of CorporateGovernance. It has put in place an effective Corporate Governance system which ensuresthat provisions of the Act and Listing Regulations are duly complied with not only inform but also in substance.
Your Company also believes in adopting best practices of corporate governance.Corporate governance principles are enshrined in the Spirit of Wardwizard which form thecore values of Wardwizard. The Company is committed to maintain the highest standards ofCorporate Governance and adheres to the Corporate Governance requirements set out by theSecurities and Exchange Board of India ("SEBI"). The Company has alsoimplemented several best governance practices. The report on Corporate Governance asstipulated under the Listing Regulations forms part of the Annual Report. The CorporateGovernance Report is applicable to the Company as on 31st March 2021.
In terms of Listing Regulations a report on Corporate Governance along with thecertificate from Mr. Santosh Pandey Company Secretary in practice (MembershipRegistration No. 8546) confirming compliance of the conditions of Corporate Governance isannexed hereto and forms part of this annual report.
17. BOARD OF DIRECTORS
? DIRECTOR LIABLE TO RETIRE BY ROTATION
In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the Company Mr. Sanjay Mahadev Gupte (DIN: 08286993 ) Executive Directorof the Company retire by rotation at the ensuing Annual General Meeting ("AGM")of the Company and being eligible offer himself for re-appointment. Brief resume andother details of Mr. Sanjay Mahadev Gupte who is proposed to be reappointed as a NonIndependent Director of your Company have been furnished in the explanatory statement tothe notice of the ensuing annual general meeting.
? INDEPENDENT DIRECTOR:
In the opinion of the Board the Independent Director appointed during the year underreview is a person of high repute integrity and possesses the relevant expertise andexperience in the respective fields.
Definition of 'Independence' of Directors is derived from Regulation 16 of the ListingRegulations and Section 149(6) of the Companies Act 2013. The Company has receivednecessary declarations under Section 149(7) of the Companies Act 2013 and Regulation25(8) of the Listing Regulations from the Independent Directors stating that they meetthe prescribed criteria for independence.
The Board after undertaking assessment and on examination of the relationshipsdisclosed considered the following Non-Executive Directors as Independent Directors:
Mrs. Devyani Kamlesh Gupta
Mr. Bhargav Govindprasad Pandya
Mr. Mukesh Bapulal Kaka
All Independent Directors have affirmed compliance to the code of conduct forindependent directors as prescribed in Schedule IV to the Companies Act 2013.
The entire Board of the Company has undergone changes during the year pursuant tochange in the management of the Company. The details of directors appointed & resignedduring the year are as follows:
|SR DIN No. NO ||NAME OF DIRECTOR ||DESIGNATION-CATEGORY ||ORIGINAL DATE OF APPOINTMENT ||DATE OF CESSATION |
|1 7261150 ||Mr. Yatin Sanjay Gupte ||Managing Director ||03-10-2019 ||- |
|2 1292764 ||Mr. Deepak Rawal ||Non-Executive - Non Whole Time Independent Director ||03-10-2019 ||13-06-2020 |
|3 8584226 ||Mr. Devyani Kamlesh Gupta ||Non-Executive - Non Whole Time Independent Director ||03-10-2019 ||- |
|4 7274241 ||Mr. Sajidhusain Malek ||Non-Executive - Non Whole Time Independent Director ||14-11-2019 ||13-06-2020 |
|5 8693675 ||Mr. Bhargav Govindprasad Pandya ||Non-Executive - Non Whole Time Independent Director ||13-06-2020 ||- |
|6 8763757 ||Mr. Mukesh Bapulal Kaka ||Non-Executive - Non Whole Time Independent Director ||13-06-2020 ||- |
|7 8286993 ||Mr. Sanjay Mahadev Gupte ||Executive Non-Independent director ||22-08-2020 ||- |
|8 8857960 ||Mrs. Sneha Harshavardhan Shouche ||Executive Non-Independent Director ||22-08-2020 ||- |
18. KEY MANAGERIAL PERSONNEL (KMP)
In terms of Section 203 of the Companies Act 2013 the following are the Key ManagerialPersonnel of the Company as on 31 st March 2021:
|SR. NO NAME ||DESIGNATION |
|1 Mr. Yatin Sanjay Gupte ||Chairman & Managing Director |
|Mrs. Sneha Harshavardhan 2 Shouche ||Chief Financial Officer |
|3 Ms. Jaya Ashok Bhardwaj ||Company Secretary and Compliance officer |
19. BOARD EVALUATION
In line with the Corporate Governance Guidelines of the Company Annual PerformanceEvaluation was conducted for all Board Members as well as the working of the Board and itsCommittees. The Board evaluation framework has been designed in compliance with therequirements under the Companies Act 2013 and the Listing Regulations whereverapplicable this evaluation was led by the Chairman of the Nomination and RemunerationCommittee with specific focus on performance and effective functioning of the Board.
Evaluation of the Board was based on criteria such as composition and role of theBoard Board communication and relationships functioning of Board Committees review ofperformance of Executive Directors succession planning strategic planning etc.
Evaluation of Committees was based on criteria such as adequate independence of eachCommittee frequency of meetings and time allocated for discussions at meetingsfunctioning of Board Committees and effectiveness of its advice/recommendation to theBoard etc.
Evaluation of Directors was based on criteria such as participation and contribution inBoard and Committee meetings representation of shareholder interest and enhancingshareholder value experience and expertise to provide feedback and guidance to topmanagement on business strategy governance risk and understanding of the organization'sstrategy etc. The Board evaluation was conducted through questionnaire designed withqualitative parameters and covering various aspects of the evaluation such as adequacy ofthe size and composition of the Board and Committee thereof with regard to skillexperience independence diversity attendance and adequacy of time given by theDirectors to discharge their duties etc. were circulated to the Directors for theevaluation process and feedback based on ratings.
All Directors unanimously expressed that the evaluation outcome reflect the overallengagement of the Board and its Committees with the Company and its management and theyare fully satisfied with the same. The details of familiarization programme forIndependent Directors have been disclosed on website of the Company and are available atthe website www.manvijay.com. The details of Policy on appointment of Directors and SeniorManagement Policy on Remuneration of Directors and Policy on Remuneration of KeyManagerial Personnel and Employees have been disclosed on website of the Company and areavailable at the website www.manvijay.com.
The details of the number of Board Meetings and meetings of various Committees aregiven in the Corporate Governance Report. The intervening gap between the meetings waswithin the time period prescribed under the Companies Act 2013 the revised SecretarialStandards - 1 (SS-1) issued by the Institute of Company Secretaries of India and SEBILODR. All the Directors actively participated in the meetings and contributed valuableinputs on the matters brought before the Board of Directors from time to time.
The formation and term of reference of various Committees are also given in theCorporate Governance Report. The requisite certificate from Mr. Santosh Pandey CompanySecretary in practice (Membership Registration No. 8546) confirming compliance with theconditions of corporate governance as stipulated under the Schedule V of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 is attached to the CorporateGovernance Report.
21. DECLARATION BY INDEPENDENT DIRECTORS
All the Independent Directors of the Company have given their declarations to theCompany under Section 149(7) of the Companies Act 2013 that they meet the criteria ofindependence as provided under Section 149(6) of the Act read with Regulation 16(1) (b) ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. There hasbeen no change in the circumstances affecting their status as Independent Directors of theCompany.
22. DIRECTORS RESPONSIBILITY STATEMENT
Your Directors make the following statement in terms of Section 134 of the Act whichis to the best of their knowledge and belief and according to the information andexplanations obtained by them:
? In the preparation of the annual accounts for the Financial Year ended 31stMarch 2021 the applicable accounting standards have been followed along with properexplanation relating to material departures;
? That Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit and loss of the Company for the year ended 31st March 2021;
? The Directors have taken sufficient and proper care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting material fraud andother irregularities;
? The Directors have prepared the annual accounts for the Financial Year ended 31 stMarch 2021 on a going concern basis;
? That the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively;
? That the Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.
23. PARTICULARS OF EMPLOYEES
Disclosures with respect to the remuneration of Directors KMPs and Employees asrequired under Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are given inAnnexure 5to this Report. The Company has not appointed any employee(s) in receipt ofremuneration exceeding the limits specified under Rule 5 (2) of Companies (Appointment& Remuneration of Managerial Personnel) Rules 2014. A statement containing interalia the names of top ten employees in terms of remuneration drawn and every employeeemployed throughout the financial year and in receipt of remuneration of ? 102 lakhs ormore and employees employed for part of the year and in receipt of remuneration of ? 8.50lakhs or more per month pursuant to Rule 5(2) the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014.
24. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
The details of Loans Investments and Guarantees covered under the provisions ofSection 186 of the Companies Act 2013 and Schedule V of the Listing Regulations aregiven in the Notes to the Financial Statements forming part of Annual Report.
25. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
Your Company has adopted the practice of undertaking related party transactions only inthe Ordinary and normal course of business and on arms' length as part of its philosophyof adhering to highest ethical standards transparency and accountability. In line withthe provisions of the Companies Act 2013 and the Listing Regulations the Board hasapproved a policy on related party transactions. During the year 2020-21 under reviewthat all contracts/arrangements/transactions entered into by your Company with relatedparties under Section 188(1) of the Act were in the ordinary course of business and on anarm's length basis and has been approved by the Audit Committee of the Company.
Further during the year 2020-21 the policy on materially significant related partytransactions entered into by your Company with the Promoters Directors Key ManagerialPersonnel or other designated persons approved by the Board the Directors draw attentionof the members on the financial statement which sets out related party disclosures innotes to the financial statements for the year ended 31st March 2021.
During the year under review All Related Party Transactions are placed on a quarterlybasis before the Audit Committee and before the Board for the noting and approval. Prioromnibus approval of the Audit Committee and the Board is obtained for the transactionswhich are of a foreseeable and repetitive nature. Audit Committee approved transactionsthrough the omnibus mode in accordance with the provisions of the Act and ListingRegulations. Related party transactions were disclosed to the Board on regular basis asper Ind AS-24. Details of related party transactions as per Ind AS-24 may be referred toin Note 28 of the Standalone Financial Statements. Pursuant to Regulation 23(9) of theListing Regulations your Company has filed the reports on related party transactions withthe Stock Exchanges.
Board has approved a policy on related party transactions. An abridged policy onrelated party transactions has been placed on the Company's website at www.manvijay.com.The particulars of contracts or arrangements with related parties referred to in Section188(1) and applicable rules of the Companies Act 2013 in Form AOC-2 is provided asAnnexure 4to this Annual Report.
26. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
Your Company has a robust and well embedded system of internal controls. Comprehensivepolicies guidelines and procedures are laid down for all business processes. The internalcontrol system has been designed to ensure that financial and other records are reliablefor preparing financial and other statements and for maintaining accountability of assets.Based on the framework of internal financial controls and compliance systems establishedand maintained by the Company work performed by the internal statutory and secretarialauditors and external consultants including audit of internal financial controls overfinancial reporting by the statutory auditors and the reviews performed by management andthe relevant board committees including the audit committee. The internal audit plan isdynamic and aligned to the business objectives of the Company and is reviewed by the AuditCommittee each quarter. Further the Audit Committee also monitors the status ofmanagement actions emanating from internal audit reviews. The Board is of the opinion thatthe Company's internal financial controls were adequate and effective during the year202021. During the year such controls were assessed and no reportable material weaknessesin the design or operation were observed.
27. FINANCIAL STATEMENT
The audited financial statement of the Company prepared in accordance with relevantAccounting Standards (AS) issued by the Institute of Chartered Accountants of India formspart of this Annual Report. The Compliance Officer will make these documents availableupon receipt of a request from any member of the Company interested in obtaining the same.
28. CONSOLIDATED FINANCIAL STATEMENT
During the financial year the Company has sold/disinvested shares of Property Tradingof India Limited (PTOIL) which was a wholly owned subsidiary Company of the WardwizardInnovations & Mobility Limited (Formerly known as Manvijay Development Co. Limited)so the Consolidated Financial Statement does not form part of this Annual Report.
29. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act 2013 read withRule 12(1) of the Companies (Management and Administration) Rules 2014 the extract ofannual return is annexed herewith and forming part of the report in Annexure 6.
30. MANAGING DIRECTOR'S CERTIFICATE
Certificate from the Managing Director in respect of the Financial Statements formspart of the Annual Report.
31. AUDITORS & AUDITORS' REPORT
? STATUTORY AUDITORS
At the Extra Ordinary General Meeting was held on 18th January 2020 M/s. VCA &Associates Chartered Accountants (Firm Registration No. - 114414W) Vadodara wasappointed as statutory auditors of the Company for a term of 5 years from the financialyear 2019-20 onwards.
M/s. VCA & Associates Chartered Accountants (Firm Registration No. - 114414W)Vadodara to hold office of Statutory Auditor w.e.f 09th October 2019 till theconclusion of the AGM to be held in the year 2024 (Subject to ratification of theirappointment at every Annual General Meeting).
M/s. VCA & Associates Chartered Accountants have signified their assent andconfirmed their eligibility to be appointed as Statutory Auditors in terms of theprovisions of Section 141 of the Companies Act 2013 read with Rule 4 of the Companies(Audit and Auditors) Rules 2014. The firm performs its obligations in adherence torecognized auditing standards and periodically certifies its independence from themanagement.
They have audited the financial statements of the Company for the year under review.The observations of Statutory Auditors in their Report read with relevant Notes toAccounts are self-explanatory and therefore do not require further explanation.
Annexure: B to the Auditors'Report: 1 (a) The AuditorsReport does contain onequalification reservation or adverse remark that "The Company is in process ofmaintaining Fixed' Asset Register due to ongoing capitalization and in format includesquantitative details and situation of its fixed assets." The Company has now preparedand maintained Fixed Assets Register.
Further there were no frauds reported by the Statutory Auditors to the Audit Committeeor the Board under Section 143(12) of the Act.
? SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Mr. Santosh Pandey Company Secretary in practice (Membership Registration No.8546) to conduct and undertake the Secretarial Audit of the Company for the year ended31st March 2021. The Secretarial Audit Report in Form MR-3 is annexed herewith asAnnexure: 7 there are no qualifications reservations or adverse remarks made by theSecretarial Auditor in his Report. The Report does not contain any qualificationreservation or adverse remark.
? INTERNAL AUDITORS:
M/s. VRCA & Associates Chartered Accountants (Firm Registration No. 104727W) hasbeen appointed as Internal Auditors under Section 138 of the Companies Act 2013 read withthe Rule 13 of the Companies (Accounts) Rules 2014.
? COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost audit as prescribed under theprovisions of Section 148(1) of the Companies Act 2013 are not applicable for thebusiness activities carried out by the Company.
32. ANNUAL SECRETARIAL COMPLIANCE REPORT
The Company has undertaken an audit for the financial year 2020 - 2021 for allapplicable compliances as per Securities and Exchange Board of India Regulations andCirculars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has beensubmitted to the stock exchanges within 60 days of the end of the financial year.
33. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Your Company is committed to highest standards of ethical moral and legal businessconduct. Accordingly the Board of Directors has formulated Vigil Mechanism which providesa robust framework for dealing with genuine concerns and grievances. The Company hasestablished a vigil mechanism by adopting a Vigil Mechanism Policy for stakeholdersincluding directors and employees of the Company and their representative bodies to reportgenuine concerns in the prescribed manner to freely communicate their concerns /grievances about illegal or unethical practices in the Company actual or suspected fraudor violation of the Company's Code or Policies. Specifically employees can raise concernsregarding any discrimination harassment victimization any other unfair practice beingadopted against them or any instances of fraud by or against your Company. During theyear your Company's Code of Conduct was refreshed and aligned with the new mission andvision statement of the Company. The vigil mechanism is overseen by the Audit Committeeand provides adequate safeguards against victimization of stakeholders who use suchmechanism. It provides a mechanism for stakeholders to approach the Chairman of AuditCommittee or Chairman of the Company Chief Financial Officer. During the year no suchincidence was reported and no person was denied access to the Chairman of the AuditCommittee. The Vigil Mechanism of the company is available on the Company's website: weblink www.manvijay.com.
? WHISTLE BLOWER POLICY
The Company has adopted a Whistleblower Policy and Vigil Mechanism to provide a formalmechanism to the Directors employees and its stakeholders to report their concerns aboutunethical behavior actual or suspected fraud or violation of the Company's Code ofConduct or Ethics Policy. Protected disclosures can be made by a whistleblower throughseveral channels. The policy provides for adequate safeguards against victimization ofemployees who avail of the mechanism and also provides for direct access to the Chairmanof the Audit Committee. It is affirmed that no personnel of the Company have been deniedaccess to the Audit Committee.
34. RISK MANAGEMENT
The Board entrusted Risk Management Committee ('RMC') continued to guide the managementteam of RMC towards a comprehensive risk management process in your organization.Wardwizard Innovations & Mobility Ltd (Formerly known as Manvijay Development CompanyLimited) comes under "Top 1000 Companies listed" as per Market Capitalizationas on 31st March 2021. The Company has constituted the Risk Management Committee on 11thMay 2021. The Management of the Company evaluated the Risk Management Policy of theCompany to make it more focused in identifying and prioritizing the risks role of variousexecutives in monitoring & mitigation of risk and reporting process. Its aim is toenhance shareholders value and provide an optimum risk-reward tradeoff. The RiskManagement Policy has been reviewed and found adequate to the requirements of the Companyand approved by the Board. For the financial year 2020-2021 Regulation 21 of the SEBI(LODR) Regulations 2015 with respect to Risk Management Committee is not applicable toyour Company.
35. PARTICULARS REGARDING CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT ANDTECHNOLOGY ABSORPTIONS AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars as prescribed under Sub-section (3)(m) of Section 134 of the CompaniesAct 2013 read with the Rule 8(3) of the Companies (Accounts) Rules 2014 are enclosedbelow given detailed information.
DETAILS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO [PURSUANT TO SECTION 134 (3) (M) OF THE COMPANIES ACT 2013 READ WITH RULE 8(3) OFTHE COMPANIES (ACCOUNTS) RULES 2014]
A. CONSERVATION OF ENERGY:
(i) the steps taken or impact on conservation of energy:
The Company has installed invertors / AC drives to save the power.
Other necessary energy conservation measures are taken on day to day basis.
(ii) the steps taken by the Company for utilizing alternate sources of energy: Nil
(iii) the capital investment on energy conservation equipment: Nil POWER & FUELCONSUMPTION:
|Electricity: ||2020-2021 ||2019-2020 |
|Purchased || || |
|"Unit || || |
|Total Amount (in Rs.) || || |
|Rate/Unit || || |
|Furnace Oil || || |
|Purchased || ||N.A. |
|"Unit || || |
|Total Amount (in Rs.) || || |
|Rate/Unit || || |
B. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION:
Efforts in brief made towards technology absorption adaptation and innovation: N.A.
(i) Benefits derived as a result of the above efforts e.g. product improvement costreduction product development import substitution etc.: N.A.
(ii) In case of imported technology (imported during last 3 years reckoned from thebeginning of the financial year) following information may be furnished: N.A.
(iii) the expenditure incurred on Research and Development: N.A.
C. FOREIGN EXCHANGE EARNING & OUTGO:
Foreign exchange earnings and outgo during the year details are as under.
(Amount in INR)
|Particular ||2020-2021 ||2019-2020 |
|Foreign Exchange Earned ||18771421 ||-- |
|Foreign Exchange Outgo ||1933650 ||-- |
36. SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNAL IMPACTING THEGOING CONCERN STATUS AND COMAPANY'S OPERATION IN FUTURE:
There were no significant or material orders which were passed by the regulators orcourts or tribunals which may impact the going concern status of the Company and itsoperations in future.
37. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY
There have been no material change and/or commitment affecting the financial positionof your Company has occurred between April 12021 and the date of signing of this reportexcept as disclosed elsewhere in this report. However in view of the ongoing Covid-19pandemic your Company carried out a comprehensive assessment of possible impact on itsbusiness operations financial assets contractual obligations and its overall liquidityposition based on the internal and external sources of information and application ofreasonable estimates.
During the year 2020-21 was a highly disruptive and challenging year wherein the autoindustry and the entire global economy faced unprecedented times owing to the Covid-19pandemic. Many countries witnessed major problems resulting in partial (in some casescomplete) lock-downs thereby hampering production supply and employment. However ourteam has taken key steps in mitigating most of these challenges. The state of preparednessand quick countermeasures taken by the Company led to its growth in sales and othermilestones achieved by it during the year. Complying with local laws and protocolsproduction planning and execution ensured meeting customers' requirements be it small orbig.
Wardwizard Innovations & Mobility Limited is a people-focused organisation andconsiders every member a part of the larger 'Wardwizard Family'.
In enforcing social distancing to contain the spread of the disease our offices andclient offices all over the world have been operating with minimal or no staff forextended periods of time. To effectively respond to and manage our operations through thiscrisis the Company triggered its business continuity management program chaired by theChief Operating Officer. In keeping with its employee-safety first approach the Companyquickly instituted measures to trace all employees and be assured of their well-being. Ourteams reacted with speed and efficiency and quickly leveraged technology to shift theworkforce to an entirely new 'work-from-home' model. Proactive preparations were done inour work locations during this transition to ensure our offices and training centers weresafe. Policy changes related to working from home and IT infrastructure support wererolled out overnight to help our employees shift to this new work paradigm. Continuouscommunication on the latest updates played a key role in enabling our employees to stay ontop of the evolving situation. While the pandemic induced business downturns and economicslowdown reduced the demand and increased the vulnerability of supply chain our Teamsensured a decent performance amidst such chaos with complete support and understandingwith all customers and stakeholders. The goodwill created in such testing times willensure and facilitate higher growth in the coming years.
39. ANNUAL EVALUATION OF THE BOARD ITS COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to the applicable provisions of the Act and the Listing Regulations the Boardhas carried out an annual performance evaluation of its own performance the directorsindividually as well as the evaluation of the working of its Audit Committee Nominationand Remuneration Committee and Stakeholders Relationship Committee. The Board evaluationframework has been designed in compliance with the requirements under the Companies Act2013 and the Listing Regulations and in accordance with the Guidance Note on BoardEvaluation issued by SEBI. All Independent Directors of the Company at their meeting andhave evaluated the performance of the Board as a whole Committees of Board the Chairmanof the Company and the Non-Independent Directors as per the criteria adopted by the Board.The performance evaluation of the Board was based on various parameters such asqualification of Board Members their diversity of experience and background whether theMembers of the Board met all applicable independence requirements sufficient number ofBoard meetings and Committee meetings etc. The performance of the individual Directors wasevaluated on parameters such as qualifications experience independence participation inBoard Meetings and Committee Meetings etc. The evaluation of the Independent Directorswas carried out by the entire Board excluding the Independent Director being evaluated.The Directors were satisfied with the evaluation results which reflected the overallengagement of the Board and its Committees with the Company. The evaluation parameters andthe process have been explained in the Corporate governance report.
40. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The current policy is to have an appropriate mix of executive non-executive andindependent directors to maintain the independence of the Board and separate itsfunctions of governance and management. As of March 31 2021 the Board had six membersthree of whom are executive directors and three of whom are Non-Executive - Non Whole TimeIndependent Directors. One of the independent directors of the Board is woman. The Boardon the recommendation of the Nomination and Remuneration Committee has framed aRemuneration policy for determining qualifications positive attributes independence of adirector and other matters as required under Sub-section (3) of Section 178 of theCompanies Act 2013 is available on our Company's. We affirm that the remuneration paidto the directors is as per the terms laid out in the Nomination and Remuneration Policy ofthe Company.
41. CODE OF CONDUCT
Regulations 17(5) of the SEBI (LODR) Regulations 2015 requires listed Companies tolay down a Code of Conduct for its Directors and Senior Management incorporating dutiesof a Directors as laid down in the Companies Act 2013. The Board has adopted a Code ofConduct for all Directors and Senior Management of the Company and the same has beenplaced on Company's website at http://www.manvijay.com
42. INFORMATION UNDER THE SEXUALHARASSMENT OF WOMEN AT WORKPLACE (PREV ENTIONPROHIBITION AND REDRESSAL) ACT 2013
Your Company has constituted Internal Complaints Committee under the Sexual Harassmentof Women at Workplace (Prevention Prohibition and Redressal) Act 2013 and also has apolicy and framework for employees to report sexual harassment cases at workplace. TheCompany's process ensures complete anonymity and confidentiality of information. Adequateworkshops and awareness programmes against sexual harassment are conducted across theorganization.
The below table provides details of complaints received/disposed during the financialyear 2020-2021 and no such complaints have been filed for sexual harassment and there areno pending cases:
|Number of complaints filed during the financial year ||Nil |
|Number of complaints disposed of during the financial year ||NA |
|Number of complaints pending as on end of the financial year ||Nil |
? The Directors have devised proper systems to ensure compliance with the provisions ofall applicable Secretarial Standards and that such systems are adequate and operatingeffectively.
? No fraud has been reported during the audit conducted by the Statutory AuditorsSecretarial Auditors and Cost Auditors of the Company.
? During the year under review no revision was made in the previous financialstatement of the Company.
? During the year ended on 31 st March 2021 there were no cases filed / reportedpursuant to the Sexual Harassment of women at workplace (Prevention Prohibition andRedressal) Act 2013.
? No significant or material orders were passed by the Regulators or Courts orTribunals which impact the going concern status and Company's operation in future.
43. LISTING ON STOCK EXCHANGES
? The equity shares of your Company are presently listed on the BSE Limited ('BSE').
? The Company's Shares were Voluntary De-listed from Calcutta Stock exchange witheffect from 28th April 2021.
As on March 31 2021 total number of employees on the records of your Company were 136(One hundred Thirty Six) employees as against 3 (three) employees in the previous year.Your Directors place on record their appreciation for the significant contribution made byall employees who through their competence dedication hard work co-operation andsupport have enabled the Company to cross new milestones on a continual basis.
45. DISCLOSURES UNDER SECTION 134(3) (I) OF THE COMPANIES ACT 2013
There was no incident which would affect the Company's financial position during thefinancial year of the Company and the date of this report except as disclosed elsewherein this report.
46. REPORTING OF FRAUDS BY AUDITORS
During the year under review neither the statutory auditors nor the secretarialauditor has reported to the audit committee under Section 143 (12) of the Companies Act2013 and the rules made thereunder any instances of fraud committed against the Companyby its officers or employees the details of which would need to be mentioned in theBoard's report.
47. PRESENTATION OF FINANCIAL STATEMENT
The financial statements of the Company for the year ended 31st March 2021have been disclosed as per the Companies Act 2013.
The annexed financial statements comply in all material aspects with Indian AccountingStandards (Ind AS) notified under section 133 of the Act Companies (Indian AccountingStandards) Rules 2015 and other relevant provisions of the Act.
48. STATUTORY DISCLOSURES
A copy of audited financial statements of the said Companies will be made available tothe members of the Company seeking such information at any point of time. A cash flowstatement for the year 2020-2021 is attached to the Balance Sheet.
49. SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT
The Company does not have any outstanding shares in the suspense account and is notrequired to maintain any Suspense Account or Unclaimed Account as required under ScheduleV of SEBI (LODR). Indian Accounting Standards 2015.
50. SECRETARIAL STANDARDS OF ICSI
Pursuant to the approval given on 10 April 2015 by Central Government to theSecretarial Standards specified by the Institute of Company Secretaries of India theSecretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings(SS-2) came into effect from 1 July 2015. These Secretarial Standards were then revisedand were made effective from 1 October 2017. The Company complies with all applicablemandatory secretarial standards issued by the Institute of Company Secretaries of India.
51. INFORMATION SUPPLIED TO THE BOARD
The Board is presented with relevant information on various matters related to theworking of the Company especially those that require deliberation at the highest level.Presentations are also made to the Board by functional heads on important matters fromtime to time. Directors have separate and independent access to the officers of theCompany. In addition to items required to be placed before the Board for its noting and/orapproval information is provided on various significant items. The independent directorsof the Company met on 29th January 2021 and expressed their satisfaction onthe quality quantity and timeliness of flow of information between the Company Managementand the Board that is necessary for the Board to effectively and reasonably perform theirduties. The framework of succession planning for appointment of Board/Management is placedbefore the Board for its review. The Board periodically reviews compliance reports withrespect to the various laws applicable to the Company as prepared and placed before it bythe Management.
52. INDEPENDENT DIRECTORS' MEETING
The Ministry of Corporate Affairs vide General circular no. 11 dated 24 March 2020granted relaxation in compliance with holding separate meeting of independent directorwithout attendance of non-independent directors and members of the management forFY2020-21.
53. CODE FOR PREVENTION OF INSIDER TRADING
Your Company has adopted a Code of Conduct to regulate monitor and report trading bydesignated persons and their immediate relatives as per the requirements under theSecurities and Exchange Board of India (Prohibition of Insider Trading) Regulations 2015.This Code of Conduct also includes code for practices and procedures for fair disclosureof unpublished price sensitive information which has been made available on the Company'swebsite at http://www.manvijay.com/cmsM/Code-Of-Conduct.
54. DETAILS OF CAPITAL MARKET NON-COMPLIANCE IF ANY
The Company has complied with all the applicable legal requirements and no penalty orstricture has been imposed on the Company by any of the stock exchanges SEBI or any otherstatutory authority in any matter related to capital markets during the last threeyears.
55. SHARE TRANSFER SYSTEM
SEBI amended regulation 40 of the SEBI Listing Regulations prohibiting transfer ofsecurities (except transmission or transposition of shares) in physical form from 1 April2019. During FY 2020-2021 no shares were transferred in the physical form.
56. COMMITTEES OF THE BOARD
Your Company's Board has the following committees:
? AUDIT COMMITTEE:
The Audit Committee is constituted in conformity with the provisions of Section 177 ofthe Act and Regulation 18 of the Listing Regulations. The details regarding thecomposition terms of reference meetings and attendance of members of Audit Committee ofthe Company are disclosed in the report of Corporate Governance which forms part of thisAnnual Report. During the year under review the Board of Directors of the Company hadaccepted all the recommendations of the Audit Committee.
? NOMINATION & REMUNERATION COMMITTEE:
The Nomination & Remuneration Committee of Directors is constituted in accordancewith the requirements of Section 178 of the Act and Regulation 19 of the ListingRegulations. The details regarding composition term of references powers functionsscope meetings and attendance of members are included in Corporate Governance Reportwhich forms part of the Annual Report. Your Company has in place a nomination andremuneration policy which lays down a framework in relation to remuneration of DirectorsKey Managerial Personnel and Senior Management of the Company. The policy also lays downcriteria for selection and appointment of Board Members.
? STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee is constituted in accordance with theprovisions of Section 178 of the Act and Regulation 20 of the Listing Regulations. Thedetails regarding composition term of references powers functions scope meetings andattendance of members are included in Corporate Governance Report which forms part of theAnnual Report.
Details of terms of reference of the Committees Committee membership changes andattendance of Directors at meetings of the Committees are provided in the CorporateGovernance report.
? CAUTIONARY STATEMENT:
Certain statements in the Directors' Report describing the Company's objectivesprojections estimates expectations or predictions may be forward-looking statementswithin the meaning of applicable securities laws and regulations. Actual results coulddiffer from those expressed or implied. Important factors that could make a difference tothe Company's operations include man and material availability and prices cyclicaldemand and pricing in the Company's principal markets changes in government regulationstax regimes economic development within India and other incidental factors.
? KEY AWARDS AND RECOGNITIONS
Outstanding Contribution for Environment Conservation and Innovative Product -Mr. Yatin Gupte (Wardwizard Solutions India Pvt. Ltd.) Received at "House of CommonsLondon UK Parliament" in presence of Hon MPs organized by WBR (in association withForbes India) and Ministry of Skill Development and Government of India.
Bharat Gaurav Award 2018 - For Environment Conservation.
India's Top 500 CEO Award - 2018 By Benchmark Trust TQV.
India's 5000 Best MSME Award - 2018 By Benchmark Trust TQV.
Award for Best Innovation in Automobile Sector - Franchise India.
Best Corporate innovative Product - 2019 By Times Icon of Vadodara
Leading E-Bike Manufacturer Award - 2019 By Pride of Gujarat - News 18Gujarati Ahmedabad by Chief Minister of Gujarat - Shri Vijay Rupani.
Best Electric Vehicle Manufacturing CEO - 2019 By Global CEO Excellence Award
Nominated as the fastest growing leaders 2019-2020 by Asia
Fastest Growing E2W Company in India by ET Edge in the 3rd edition of The BestBrands 2020
The Economic Times Most Promising Most Promising Business Leader Of Asia 2020-2021.
Yours directors take this opportunity to thank the Financial Institutions BanksBusiness Associates Central and State Government authorities Regulatory authoritiesStock Exchanges and all the various stakeholders for their continued co-operation andsupport to the Company and look forward to their continued support in future.
We very warmly thank all our employees for their contribution to your Company'sperformance.
We applaud them for their superior levels of competence dedication and commitment toyour Company.
|For Wardwizard Innovations & Mobility Limited |
|(Formerly known as Manvijay Development Company Limited) |
|Sd/- ||Sd/- |
|Yatin Sanjay Gupte ||Sanjay Mahadev Gupte |
|Managing Director ||Executive Non-Whole time Independent Director |
|DIN:07261150 ||DIN:08286993 |
|Place: Vadodara || |
|Date: 20th July 2021 || |